Relocating to Arizona?
FAQs: Qualifying for a Mortgage
Can I qualify for a mortgage on a house in Arizona if I have not sold my current home?
Yes, there are several ways to do this. It is important to discuss your particular situation with a mortgage professional as soon as possible. The longer you have to plan, the greater number of options you will have. Lenders are aware of this situation and have programs and parameters to accommodate paying on one mortgage while trying to qualify for another.
Should I use a mortgage consultant in Arizona rather than one where I live now?
Yes, it is always better to use a local person to help you obtain your mortgage. I can look out for your interests in several ways. I am familiar with the Arizona requirements when it comes to the mortgage, realtor, title company, home inspector, etc. If you use a mortgage broker or banker from another state, he or she is not as familiar with closing loans in Arizona and this can delay the close of escrow and jeopardize the transaction.
How do I find a home inspector, title company, insurance agent, handyman, etc that I may need before I actually make the move to Phoenix?
I work closely with people in all the services listed. I can refer them to you because they are people of high integrity that I work with on a regular basis. They provide excellent service at a reasonable price. I will personally follow up to make sure that all aspects of the transaction go smoothly. This is especially important if you are currently living far away.
What if I cannot be in Arizona to sign the papers at the closing?
The signing of the closing documents can be accomplished in two ways. The papers can be sent by overnight courier to you. You would then sign them in front of a notary and return them to the title company in Arizona by overnight courier. In the alternative, you can execute a Specific Power of Attorney for someone to sign the papers on your behalf her in Arizona.
What information do you need to get the mortgage process started?
I need basic information on your employment history, income, assets and liabilities. You can fill out a mortgage application online. This will help me prequalify you. A prequalification form is necessary for you to make an offer on a house. If you are self employed, I may need a copy of your business license, incorporation papers or a letter from your accountant. If you are moving to Arizona to take a new job, I may need a copy of your new employment contract or other details that describe your new situation. If you new employer is paying any of your closing costs, I may need documentation of this. If you are married and your spouse is employed, I may need that information as well.
